The Mansfield Building Society

Family Buy to Let 3 Year Discounted Rate - DIB038 - up to 70% LTV

 
Mortgage Product Term Initial Rate1 Overall Cost for Comparison2 Max LTV3 Early Repayment Charge Product Fees
Family Buy to Let 3 Year Discounted Rate - DIB038 3 years Currently 4.99% 5.6% APRC 70% 3% £199 application fee, £1,800 completion fee

Representative Example

A mortgage of £112,000 payable over 25 years initially on a variable rate, currently 4.99% for 3 years and then on our current standard variable rate of 5.34% for the remaining 22 years would require 35 monthly payments of £465.73 and 264 monthly payments of £500.78; plus one initial interest payment of £92.26.

The total amount payable would be £263,221.73 made up of the loan amount, plus interest and fee(s) totalling £151,221.73. This includes Application Fee (£199), Valuation Fee (£194), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,800) and Redemption Administration Fee (£150).

The overall cost for comparison is 5.6% APRC representative.

Your Property may be repossessed if you do not keep up repayments on your mortgage

Mortgage Product Features

  • Minimum loan amount £50,000, maximum loan amount £500,000
  • Only available for property to be let to a close relative (i.e. spouse or civil partner, children, parents, brothers and sisters)
  • An early repayment charge of 3% of the agreed advance including any fees added will apply if the mortgage is redeemed at any time during the first 3 years
  • A minimum interest rate of 1.5% will apply during the term of the discounted period
  • Where property is let to a close relative, the mortgage is regulated by the Financial Conduct Authority (FCA)

 

Unless otherwise stated, our mortgage products are available for house purchase or remortgage. All our mortgage products are subject to availability and can be withdrawn at any time. 

All mortgage applications are manually underwritten by our experienced underwriters and are subject to a full assessment against our lending criteria.

It is important that you take time to read and understand the mortgage product features detailed above, and the information about our Residential or Buy to Let mortgages detailed in the General Information Guides available from the links below.

Residential Mortgage Guide Buy to Let Mortgage Guide
 

How to Apply

All of the mortgages shown are available direct from us via our qualified sales team, please call on the number above, request a call back, or submit a detailed contact request to find out more. 

To get an indication of whether this mortgage is right for you, you can use our repayment calculator to see what the potential monthly repayments might be.

Contact Us Repayment Calculator

Definitions

1 The Initial Rate is the rate available during the initial term of the mortgage. Once the initial rate term has expired, the mortgage will revert to our Standard Variable Rate (SVR).

Our SVR is set by us and is currently 5.34%, as a variable rate it may go up or down.

2 The Overall Cost for Comparison is given as the Annual Percentage Rate of Charge (APRC) and includes all charges incurred relating to the mortgage. The APRC is intended to help you as a borrower compare the interest rates on different products.

3 Like all other mortgage lenders, we will allow you to borrow against a proportion of the overall property value. This is known as Loan to Value (LTV) and is expressed as a percentage. For example, if you want to purchase a property at £100,000 and you would like to borrow £85,000, then you will need a mortgage available at 85% Loan to Value (LTV). The available LTV can vary depending upon the type of mortgage.

Shared Ownership mortgages will offer two percentages under LTV - the proportion of the property value and the proportion of the share being purchased.


Contact us

Mansfield Branch

Regent House
Regent Street
Mansfield
Nottinghamshire
NG18 1SS

Tel: 01623 676300

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm

Kirkby Branch

48 Station Street
Kirkby-In-Ashfield
Nottinghamshire
NG17 7AS

Tel: 01623 756601

Opening Hours:
Mon to Fri: 10.00am - 2.00pm
Sat: 8:45am - 12:15pm

Sutton Branch

53 Portland Square
Sutton-In-Ashfield
Nottinghamshire
NG17 1AZ

Tel: 01623 554265

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm

Chesterfield Branch

91 New Square
Chesterfield
Derbyshire
S40 1AH

Tel: 01246 202055

Opening Hours:
Mon to Fri: 9.00am* - 5.00pm
(*Weds from 10am)
Sat: 8:45am - 12:15pm


Date printed: 19 August, 2017 09:16
Page last updated: 28 July, 2017 16:14


The Mansfield Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Reference number 206049.
Member of the Building Societies Association.